Template-Type: ReDIF-Article 1.0
Author-Name:V. Lyashok
Author-Name-First:V.
Author-Name-Last: Lyashok
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title:  RUSSIA’S LABOR MARKET: THE SPECIFICITIES OF ITS ADAPTATION TO THE CURRENT CRISIS
Abstract: As in all of Russia’s earlier economic crises, wage flexibility has become the
main mechanism of the labor market’s adaptation to the current crisis. As
a result of the high rate of inflation observed in late 2014 – early 2015, real
wages dropped by 9.5%, although nominal wages remained unchanged.
The considerable reduction in labor costs made it possible for employers to
abstain from cutting jobs, due to which the rise in the unemployment rate
was utterly insignificant.1
Classification-JEL: 
Keywords: RUSSIA’S LABOR MARKET,  Russian Economy
Journal: Russian Economic Developments
Year: 2016
Issue: 3
Month: March
Pages: 84-86
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/708Lyashok.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:708